In an interview with Going Concern, DOPE CFO founders Andrew Hunzicker, CPA, and Naomi Granger, CPA, explain what common cannabis accounting mistakes CEOs make and why the industry presents a huge opportunity for accounting professionals.
In today’s cannabis world, there are monthly, quarterly, and yearly reporting requirements at the State and Federal level which include required bank reporting, and investor & lender reporting. This reporting is complex and requires specific software tailored to the industry, which means general business solutions will not work. Popular accounting systems like Quickbooks and Xero don’t have cannabis industry chart of accounts or integrate with other cannabis software. To make it even more complex, most states have separate “Seed to Sale” tracking software that is required, is often difficult to use, and doesn’t interact well with cannabis or accounting software.
There are some operational packages (mostly for Point of Sale, “POS”) available, but most (including popular ones like Greenbits, MJ Freeway, Biotrack) have only been around a few...
In a recent article by DOPE CFO's Andrew Hunzicker, he shares five secrets to launching a cannabis accounting firm.
"To succeed in an accounting business in the booming cannabis niche, firms must be able to deliver real value to clients."